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Slovar Limited — AGM Information 2020
Nov 26, 2020
17773_rns_2020-11-26_3f590157-f49c-4245-88f6-2cc149f46290.pdf
AGM Information
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money3
ASX RELEASE 27 NOVEMBER 2020
Annual General Meeting Chairman’s Address
On behalf of the Directors, I welcome our shareholders, staff and associated stakeholders to the (virtual) 2020 Annual General Meeting of Money3 Corporation Ltd.
FY20 was a year that saw unprecedented challenges both locally and globally. The bushfire season over summer was ferocious leaving a trail of destruction, decimating communities and with the tragic loss of lives. Australia recorded its first COVID-19 case in late January and New Zealand followed in February. The world quickly became a very different place and the way we did business changed as businesses went into shutdown and we moved to having all our staff working remotely.
I would like to thank our staff who have worked tirelessly, often remotely, throughout the year to ensure our customers continue to receive the high level of service that they have become used to.
FY20 was an important year for the Company in terms of consolidating our strategy of moving away from a physical branch network to being a leading provider of automotive finance through our digital platform, and maintaining our well recognized 'human touch'.
Through FY20 the Company continued to expand its product reach and launched products targeting the large near prime market. We believe that not only is the Company extremely well placed to service this market, it also significantly increases the addressable market in which the Company operates. FY20 was also the first full year of operating in NZ through Go Car Finance and I'm delighted with how well the businesses have integrated.
Our announcement on Monday of the $250m securitised warehouse facility was another important milestone for the Company. This now means Money3 is now a well established, dedicated auto loan specialist with a very strong lending DNA, robust distribution channels, excellent customer service and a range of suitable products for borrowers.
Money3 Corporation Limited
ABN 63 117 296 143 | ACL 389 782
40 Graduate Road, Bundoora, Vic. 3083
t 61 3 9093 8255 | f 61 3 9093 8227
e [email protected]
money3.com.au | investors.money3.com.au
Go Car New Zealand
t 64 9 979 7666
GoCar.co.nz
money3
ASX RELEASE 27 NOVEMBER 2020
I am pleased to report in the financial year to 30 June 2020, Money3 produced very solid results, despite the headwinds referred to above.
The transformation into a specialist automotive and personal finance company in Australia and New Zealand has seen strong growth. Full year Revenue from continuing operations increased 35.3% to $124.0m, while incoming cashflows grew 36.3% to $277.2m and Gross receivables grew 16.4% to $433.8m. FY20 Normalised NPAT (continuing operations) was $30.3m, an increase of 30.1% on the prior corresponding period when adjusting for the one-off, non-cash economic outlook provision because of COVID-19. Statutory NPAT was $24.2m.
We have continued our strong growth trajectory since the last Annual General meeting demonstrated by the following metrics:
- Loan book growth increased 16.4% to $433.8m including Go Car Finance
- Revenue growth up 35.3% to $124.0m from continuing operations
- Normalised EBITDA growth up 31.1% to $60.7m from continuing operations
- Normalised NPAT growth up 30.1% to $30.3m from continuing operations
Growth
We anticipate growth to continue to be strong in the coming year through a number of initiatives.
Our Managing Director, Scott Baldwin, will cover this more in his presentation.
Operations
We are committed to ensuring our customers receive efficient and innovative solutions. The Company continues to invest in technology that allows customers to digitally apply for finance whilst ensuring compliance with our responsible lending obligations. By investing in further technology enhancements, customers will receive quicker decisions on their applications, whilst the Company continues to improve productivity.
Dividend
Despite the challenges discussed above and with many companies cancelling dividends, our strong financial performance supported the payment of an interim dividend of 5 cents per share in May and a final dividend of 3 cents per share in October taking the total dividend for the year to 8 cents, fully franked.
Money3 Corporation Limited
ABN 63 117 296 143 | ACL 389 782
40 Graduate Road, Bundoora, Vic. 3083
t 61 3 9093 8255 | f 61 3 9093 8227
money3.com.au | investors.money3.com.au
Go Car New Zealand
t 64 9 979 7666
GoCar.co.nz
money3
ASX RELEASE
27 NOVEMBER 2020
Finally, in what has been a very unique period, on behalf of the Directors, we wish to thank our entire team for their commitment, contribution and customer focus during another exciting year for Money3. We're excited about Money3's future and I want to thank our customers and investors for their ongoing support
Authorised for release by the Chairman
Stuart Robertson
Chairman
For further information please contact:
Managing Director
Mr Scott Baldwin
+61 3 9093 8255
Chief Financial Officer
Mr Siva Subramani
+61 3 9093 8246
Investor Relations
Mr Simon Hinsley
+61 401 809 653
ABOUT MONEY3 CORPORATION LIMITED (ASX: MNY)
Money3 is a specialist provider of consumer finance for the purchase or maintenance of a vehicle. Our business model and unique approach to customer care attracts creditworthy customers that are underserviced by traditional lenders. Money3 has a fast growing and high-quality loan book with more than 50,000 active accounts.
Money3 Corporation Limited
ABN 63 117 296 143 | ACL 389 782
40 Graduate Road, Bundoora, Vic. 3083
t 61 3 9093 8255 | f 61 3 9093 8227
money3.com.au | investors.money3.com.au
Go Car New Zealand
t 64 9 979 7666
GoCar.co.nz